Michael Saylor, the executive chairman and prominent Bitcoin advocate of MicroStrategy, hinted on 19th October that the company may be preparing for a new Bitcoin (BTC) purchase. The suggestion comes at a time when corporate Bitcoin holdings are exerting significant downward pressure on the Net Asset Value (NAV) of these companies.

The most important orange dot is always the next. pic.twitter.com/N5GQOdqr6y

— Michael Saylor (@saylor) October 19, 2025

Saylor’s post, which featured a chart detailing the company’s 82 separate acquisition batches, has sparked speculation among traders that a new purchase could be imminent. This pattern has precedent, as similar social media activity from Saylor has sometimes preceded official acquisition announcements.

MicroStrategy’s Dominant Position

According to the shared data, MicroStrategy’s treasury now holds 640,250 BTC, acquired at an average price of $74,000 per bitcoin. This staggering hoard, worth approximately $67.5 billion*, represents a paper gain of about 45.6% and solidifies the company’s position as the world’s largest corporate BTC holder.

Data from BitcoinTreasuries.Net shows that MicroStrategy alone controls about 2.5% of the total Bitcoin supply. Its holdings exceed the combined BTC treasuries of the top 15 public mining companies and corporate holders. MARA Holdings and XXI follow distantly with 53,250 BTC and 43,514 BTC, respectively, while Japan’s MetaPlanet holds 30,823 BTC, ranking fourth.

Corporate NAVs Face Sharp Decline

Saylor’s hint arrives amidst a turbulent period for companies with large Bitcoin balances. A recent report from research firm 10x Research highlights that the NAV of these BTC-holding corporations has plummeted, creating billions in paper losses.

An analyst from the firm noted that “the boom of companies issuing excessive amounts of equity compared to their actual Bitcoin holdings has completely unwound.” This points to a situation where corporations are accumulating physical BTC, while retail investors in their shares are suffering significant losses.

In a stark example, the enterprise value of Japan’s MetaPlanet fell below the value of its Bitcoin holdings for the first time on Tuesday. Its market-cap-to-BTC-NAV ratio dropped to 0.99, indicating the market values the company’s entire business at less than the bitcoin it owns. These movements coincide with broader market concerns about Bitcoin’s near-term trajectory.

*Calculation based on a Bitcoin price of ~$105,400.